HALISTER: Lowe’s Cuts Year Forecasts; 3Q Adj. EPS, Comp Sales Miss

Lowe’s Cuts Year Forecasts; 3Q Adj. EPS, Comp Sales Miss

(Bloomberg) -- Lowe’s sees year EPS $3.52, saw about $4.06 (Aug. 17), est. $4.00.
  • Sees year sales up 9-10%, saw up about 10%; est. up 10% to $64.71b
    • Sees year comps up 3%-4%; saw up 4%
    • Traffic slowed more than anticipated in Aug., Sept. before improving in Oct.: CEO Robert Niblock
    • In process of evaluating “meaningful” incremental opportunities to drive shareholder value
  • Shrs down ~3.8% pre-mkt
  • 3Q adj EPS 88c, est. 96c
  • 3Q net sales $15.7b, est. $15.8b
  • 3Q comp. sales +2.7% vs est. +3.2% (Consensus Metrix avg of 27)
  • NOTE: Nov. 15, Home Depot Raises Yr EPS View, Affirms Rev.; 3Q EPS, Sales Beat
  • Call 9am, webcast
Statement: NSN OGQEK73MSFLS PREVIEW HOME DEPOT, LOWE’S 3Q: Slowing Housing Trends May Weigh
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
LOW US (Lowe's Cos Inc)

People
Robert Niblock (Lowe's Cos Inc)

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